Skip to: Content
Skip to: Site Navigation
Skip to: Search

December 2, 2008 12:24:45 PM CST

Learn about Newser Points »

« Back to the grid | Next story »

Home Prices Suffer Record Monthly Drop

Posted Dec 26, 07 12:25 PM CST in US,  Business 

(Newser) – Home prices plummeted 6.1% in October, a record year-over-year drop that exceeded forecasts. The index of prices in 20 major markets has dropped every month this year and fell 1.4% from the September figure, another record. The trend threatens overall consumer spending, making it more difficult for homeowners to dig into home equity funds, Bloomberg reports.

"The current state of the single-family housing market remains grim," said the Yale economist who co-created the influential index. Year-over-year prices fell for 17 of 20 cities surveyed, with Miami and Tampa sinking most. Predictions for coming months look similar, as more foreclosures mean more homes for sale and tougher rules make mortgages harder to come by.

Source Bloomberg

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Housing Dip Sends 1/3 of Owners Into Negative Equity

    Aug 13, 08 2:56 PM CDT
    Housing Dip Sends 1/3 of Owners Into Negative Equity Nearly a third of US homeowners who bought in the last 5 years owe more on their mortgage than their house is worth, according to a report by Internet valuation site Zillow. Prices of houses dropped 9.9% in the second quarter, compared to the previous year, sending 29% of homeowners into negative equity. Almost a quarter of the homes sold in the past year were sold at a loss, Zillow says.
    More »

  • Home Prices Fall Again; Rate of Decline Sets Record

    Jul 29, 08 11:01 AM CDT
    Home Prices Fall Again; Rate of Decline Sets Record Home prices continued to nosedive in May, a signal that the housing crisis may be worsening and a red flag for the credit markets and Wall Street, reports the New York Times. Every region covered by the S&P/Case-Schiller home-price index showed a drop compared to May 2007, with the rate of decline setting a record for the 21-year-old metric.
    More »

  • Celebrity Foreclosure: Canseco's Out at Home

    May 1, 08 9:09 PM CDT
    Celebrity Foreclosure: Canseco's Out at Home It can happen to the rich and famous, too: Jose Canseco's mansion is in foreclosure, and he's had to move into more modest digs, Inside Edition reports. Canseco owed more than $2.5 million on the California property his neighbors called the "hotel." He made $30 million in baseball and wrote two best-sellers, but it wasn't enough to save him from becoming a high-profile statistic of the housing collapse. More »

  • Federal Mortgage Plan Not Helping the Neediest: Critics

    Apr 29, 08 4:57 PM CDT
    Federal Mortgage Plan Not Helping the Neediest: Critics A plan to federally subsidize the refinancing of troubled mortgages has in fact helped relatively few of the most at-risk borrowers, the New York Times reports. Though Bush administration officials said FHA Secure has benefited 150,000, federal statistics show that only 1,729 of those mortgages were delinquent. “They came to us before they got into trouble,” one official said. More »

  • Maybe You Shouldn't Own a Home

    Apr 20, 08 3:08 PM CDT
    Maybe You Shouldn't Own a Home Should all Americans own their dream home? Not really, writes Joshua Riner in the New Republic—only those who can afford one. But Washington made homebuying easy, sparked the subprime crisis, and is now making things worse by buying up risky mortgages. Officials "need to replace the dream of homeownership with policies that actually increase wealth—not just the illusion of it," writes Riner. More »

A home for sale in Lockport, N.Y. is seen in this Nov. 27, 2007 file photo. During the country's most recent housing boom, the term "homeowner" became a misnomer as home equity fell even though values...   (Associated Press)
A sale sign stands outside a home for sale at a co-housing development in Lafayette, Colo., on Friday, Oct. 19, 2007. U.S. home prices fell in October for the 10th consecutive month, declining a record...   (Associated Press)
A realty sign noting a reduced price is seen Tuesday. Nov. 27, 2007, in Marysville, Pa. U.S. home prices fell 4.5 percent in the third quarter from a year earlier, the sharpest drop since Standard &...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 2)

Tags

subprime crisis • housing market • mortgage • home prices • home equity • houses • mortgage loans


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »